The chair of the International Trade Committee, Angus Brendan MacNeil MP, has issued the following comment in the wake of reports regarding a possible trade deal between the UK and United States.
“It would be a catastrophic error for the Government to rush into negotiations with the US without a comprehensive trade strategy.
“As my Committee’s inquiry into UK-US trade relations found, the issues involved in a potential UK-US deal are hugely complex, even leaving aside the concerns about agricultural standards. On top of this, the economic benefits of a US deal are presently unproven – and the Treasury’s own figures suggest it could bring about gains to GDP of as little as 0.2% in the long-term.
“The Government must ask itself one simple question: is such a negligible increase really worth putting so many areas of the UK economy on the table for?”
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